CBSL warns general public over pyramid-type schemes in Sri Lanka

March 20, 2023 04:09 pm

The Central Bank of Sri Lanka (CBSL) has requested the Attorney General to consider instituting criminal proceedings against three pyramid-type prohibited schemes operating in the country.

Accordingly, the CBSL has carried out investigations to ascertain whether the entities Fast 3Cycle International (Pvt) Ltd (F3C), Sport Chain App, Sports Chain ZS Society Sri Lanka and the OnmaxDT have violated the provisions of 83C of the Banking Act.

In relation to the examination conducted, the CBSL has determined that the three relevant entities and Directors, Founders and Promoters of those entities have conducted prohibited schemes in contravention of the provisions of the said act.

The CBSL had further notified the general public regarding the matter, in a special notice published in local newspapers.

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